Dan Edwards, Sammamish REALTOR®'s Blog

The Big 5 Seattle's Eastside Cities Real Estate Market Report for 12/14/09

Mon, 14 Dec 2009 17:02:38 -0600

The chart below breaks down Seattle Washington's Greater Eastside Real Estate homes sales by City, for the week ending 12/14/2009. Sales have been increasing since last year with the pending sales in King County, Washington up 37.40% from 2008 for the month of November. The good news is that the average sales price was down only 7.67% from the same time last year. Inventories are also down 15.50% from November of last year. We are starting to see a few more foreclosures hit the market, but things still seem to be picking up just a little.

Here is a breakdown of real estate homes sales in Seattle Eastside Communities of Bellevue, Kirkland, Redmond, Issaquah and Sammamish, Washington for the week broken down by neighborhood. Just click on the link to your neighborhood for the complete breakdown of the homes that are on the market, how long they have been on the market, how many have sold, what was their average and median sales price.

City # of Active Listings

Bellevue, Washinton :	520
Kirkland, Washington :	406
Redmond,(Microsoft town) Washington :	422
Issaquah, Washington :	520
Sammamish, Washington :	189

Dan Edwards provides a superior level of real estate services to home buyers and sellers in the Greater Eastside of the Seattle Area. Visit www.danedwardsrealtor.com to search for homes in Redmond, Kirkland, Bellevue, Maple Vally, Newcastle, Issaquah, Sammamish, Snoqualmie and surrounding area.

Whether your real estate needs are big or small, know that you can turn to me in confidence to ensure a five star experience!

Dan Edwards, REALTOR, GREEN, CDPE 206-818-8816

Sammamish WA Home Sales Market Update for the week of 12/14/2009

Mon, 14 Dec 2009 14:59:41 -0600

Sammamish WA median list price is $629,000 with 218 properties that have been on the market for an average of 243 days. Inventory has been tightening and days-on-market increasing recently. The Market Action Index has been basically flat, not providing strong indication for market conditions.. In the Sahalee and Pine Lake Neighborhoods we have seen relatively strong sales as home sales have been exceeding new inventory for several weeks.

As of 12/14/09 here are the real estate home sales stats for the all Neighborhoods in the Sammamish, Washington area. The home sales and listed homes here are from the last 7 days to give a better reflection of what is going on in all the Sammamish neighborhoods during any given week.

Active: 189

Pending: 29

Sold: 8

Other: 0

Total: 226

	Bedrooms	Bathrooms	Sqft	ListPrice	SoldPrice	DOM
Minimum	0	0.00	0	$189,900	$385,000	3
Average	4	2.79	3,082	$793,653	$806,500	128
Median	4	2.50	2,920	$646,975	$737,500	101
Maximum	6	7.00	7,666	$2,950,000	$1,350,000	832
Total Dollar Value					$6,452,000

Average DOM Breakdown and Average % of List Price received on Solds by Market time:

	0-30 Days	31-60 Days	61-90 Days	91-120 Days	120+ Days
No. of Listings	1	3	0	1	3
Breakdown %	12.50	37.50	0.00	12.50	37.50
Avg SP % LP	90.61	94.17	0.00	95.74	95.54

For a complete list of homes for sale in the Sahalee & Pine Lake Neighborhoods of the Sammamsih Washington real estate market, please call or Click here, to request an update.

If you are interested in selling your home for top dollar in the quickest amount of time, please contact me anytime at 206-818-8816 or Click here to send me an e-mail requesting further information.

Kirkland WA Home Sales Market Update for the week of 12/14/2009

Mon, 14 Dec 2009 14:35:14 -0600

Kirkland WA median list price is $600,000 with 520 properties that have been on the market for an average of 260 days. Inventory has been tightening and days-on-market increasing recently. The Market Action Index has been basically flat, not providing stron indication for market conditions.. In the Downtown Kirkand and Juanita Neighborhoods we have seen relatively strong sales as home sales have been exceeding new inventory for several weeks.

As of 12/14/09 here are the real estate home sales stats for the all Neighborhoods in the Kirkland, Washington area. The home sales and listed homes here are from the last 7 days to give a better reflection of what is going on in all the Kirkland neighborhoods during any given week.

Active: 406

Pending: 48

Sold: 7

Other: 0

Total: 461

	Bedrooms	Bathrooms	Sqft	ListPrice	SoldPrice	DOM
Minimum	0	0.00	693	$189,000	$370,000	0
Average	4	2.68	2,774	$869,550	$495,286	129
Median	4	2.50	2,502	$629,950	$440,000	84
Maximum	13	12.00	7,920	$12,000,000	$860,000	1313
Total Dollar Value					$3,467,000

Average DOM Breakdown and Average % of List Price received on Solds by Market time:

	0-30 Days	31-60 Days	61-90 Days	91-120 Days	120+ Days
No. of Listings	2	2	1	0	2
Breakdown %	28.57	28.57	14.29	0.00	28.57
Avg SP % LP	99.35	94.95	100.00	0.00	94.43

For a complete list of homes for sale in the Downtown & Juanita Neighborhoods of the Kirkland Washington real estate market, please call or Click here, to request an update.

If you are interested in selling your home for top dollar in the quickest amount of time, please contact me anytime at 206-818-8816 or Click here to send me an e-mail requesting further information.

Issaquah WA Home Sales Market Update for the week of 12/14/2009

Mon, 14 Dec 2009 14:05:55 -0600

Issaquah WA median list price is $545,000 with 520 properties that have been on the market for an average of 233 days. Inventory has been tightening and days-on-market increasing recently. The Market Action Index has been basically flat, not providing stron indication for market conditions.. In the Downtown Issaquah and Issaquah Highlands Neighborhoods we have seen relatively strong sales as home sales have been exceeding new inventory for several weeks.

As of 12/14/09 here are the real estate home sales stats for the all Neighborhoods in the Issaquah, Washington area. The home sales and listed homes here are from the last 7 days to give a better reflection of what is going on in all the Issaquah neighborhoods during any given week.

Active: 249

Pending: 12

Sold: 5

Other: 0

Total: 266

	Bedrooms	Bathrooms	Sqft	ListPrice	SoldPrice	DOM
Minimum	1	1.00	600	$275,000	$299,990	3
Average	4	2.90	2,997	$749,905	$561,188	132
Median	4	2.50	2,552	$545,000	$600,000	95
Maximum	6	6.00	8,000	$3,700,000	$775,950	773
Total Dollar Value					$2,805,940

Average DOM Breakdown and Average % of List Price received on Solds by Market time:

	0-30 Days	31-60 Days	61-90 Days	91-120 Days	120+ Days
No. of Listings	0	0	0	1	4
Breakdown %	0.00	0.00	0.00	20.00	80.00
Avg SP % LP	0.00	0.00	0.00	100.00	95.18

For a complete list of homes for sale in the Downtown & Highlands Neighborhoods of the Issaquah Washington real estate market, please call or Click here, to request an update.

If you are interested in selling your home for top dollar in the quickest amount of time, please contact me anytime at 206-818-8816 or Click here to send me an e-mail requesting further information.

Bellevue WA Home Sales Market Update for the week of 12/14/2009

Mon, 14 Dec 2009 14:03:39 -0600

Bellevue WA median list price is $699,950 with 520 properties that have been on the market for an average of 233 days. Inventory has been tightening and days-on-market increasing recently. The Market Action Index has been basically flat, not providing strong indication for market conditions.. In the Downtown Bellevue and Wilberton Neighborhoods we have seen relatively strong sales as home sales have been exceeding new inventory for several weeks.

As of 12/14/09 here are the real estate home sales stats for the all Neighborhoods in the Bellevue, Washington areas. The home sales and listed homes here are from the last 7 days to give a better reflection of what is going on in all the Bellevue neighborhoods during any given week.

Active: 478

Pending: 42

Sold: 12

Other: 0

Total: 532

	Bedrooms	Bathrooms	Sqft	ListPrice	SoldPrice	DOM
Minimum	0	1.00	860	$224,950	$354,000	1
Average	4	2.83	3,060	$1,066,954	$632,042	112
Median	4	2.50	2,700	$677,475	$651,000	82
Maximum	10	8.00	9,430	$8,995,000	$1,200,000	679

Average DOM Breakdown and Average % of List Price received on Solds by Market time:

	0-30 Days	31-60 Days	61-90 Days	91-120 Days	120+ Days
No. of Listings	5	0	2	1	4
Breakdown %	41.67	0.00	16.67	8.33	33.33
Avg SP % LP	99.63	0.00	100.39	98.94	96.05

For a complete list of homes for sale in the Downtown Bellevue, Downtown Bellevue, Wilberton Neighborhoods of the Bellevue Washington real estate market, please call or Click here, to request an update.

If you are interested in selling your home for top dollar in the quickest amount of time, please contact me anytime at 206-818-8816 or Click here to send me an e-mail requesting further information.

Redmond WA Home Sales Market Update for the week of 12/14/2009

Mon, 14 Dec 2009 13:13:12 -0600

Redmond WA median list price is $584,895 with 422 properties that have been on the market for an average of 226 days. Inventory has been tightening and days-on-market increasing recently. The Market Action Index has been basically flat, not providing strong indication for market conditions.. In the English Hill and Education Hill Neighborhoods we have seen relatively strong sales as home sales have been exceeding new inventory for several weeks.

As of 12/14/09 here are the real estate home sales stats for the Redmond WA 98052 and 98053 Neighborhoods in Redmond, Washington. The home sales listed here are from the last 7 days to give a better reflection of what is going on in the neighborhood during any given week.

Active: 384

Pending: 34

Sold: 8

Other: 0

Total: 426

	Bedrooms	Bathrooms	Sqft	ListPrice	SoldPrice	DOM
Minimum	1	1.00	0	$135,000	$329,900	1
Average	3	2.70	2,728	$708,872	$486,674	151
Median	4	2.50	2,496	$584,895	$499,995	94
Maximum	6	6.50	13,210	$4,280,000	$645,000	900

Average DOM Breakdown and Average % of List Price received on Solds by Market time:

	0-30 Days	31-60 Days	61-90 Days	91-120 Days	120+ Days
No. of Listings	1	1	4	2	0
Breakdown %	12.50	12.50	50.00	25.00	0.00
Avg SP % LP	97.29	99.97	95.78	100.00	0.00

For a complete list of homes for sale in the Downtown Redmond, Education Hill, English Hill Neighborhoods of the Redmond Washington real estate market, please call or Click here, to request an update.

If you are interested in selling your home for top dollar in the quickest amount of time, please contact me anytime at 206-818-8816 or Click here to send me an e-mail requesting further information.

Speachless Sunday:My ARM! Seattle Art Museam's Hammering Man now he's just a man

Sun, 13 Dec 2009 17:44:11 -0600

Sammamish Parks: Beaver Lake Park

Sat, 12 Dec 2009 14:36:02 -0600

One of the many things that made Sammamish WA number 11 in great American cities this year are the public parks. This is the first of a series on Sammamish Parks. For comeplete list of Sammamish Parks visit the City of Sammamish web site.

Located on the Southwest corner of the Beaver Lake, the park has been a part of the Lake since the 1930's when it was first developed as a weekend resort. Later it was a CYO summer camp for children before it was sold to King County in 1985. Transferred to the city of Sammamish on January 1, 2003, Beaver Lake Park offers opportunities for recreation, hiking, and exploring its 54 forested acres. In addition, Beaver Lake is an attractive fishing spot.

The Lake
There is public access and a boat ramp via Beaver Lake Park, located at the southwest corner of the lake. Boaters are not allowed to use gasoline motors, but fishing is still a popular recreational activity on the lake. The lake is also used for the swimming leg of the annual Beaver Lake Triathlon, which starts in the park.

Beaver Lake Park Ameneties Include: Barbecue Grills, Baseball Field, Beach/Waterfront, Dog Off Leash Area, Group Picnic Area, Indoor Rental Facility, Picnic Shelter, Picnic Tables, Play Structure, Restrooms, Softball Field, Trails, Wildlife View Areas

View Beaver Lake Park in a larger map
The Park hours are 6am - Dusk(April - September) and 7am - Dusk(October - March) Contact the City of Sammamish for facility Rentals at 425-295-0730 or email rentals@ci.sammamish.wa.us

Choose to really live by experiencing life! Experiences Lead To Happiness

Wed, 09 Dec 2009 19:35:07 -0600

Studies have shown that experiences provide more long-lasting happiness than possessions. Try some of these free experiences to brighten your day:

Check out the community calendar on your town’s website or stop by city hall to find a list of events going on in the community, many of which are free.

Sammamish Community Site

Sammamish City Calandar

Find out if any local museums or zoos have any free public exhibits or if they offer free admission on certain days or free passes upon request.

Volunteer your time; there are countless volunteer opportunities out there that require nothing more than your time.

Check out SomethingToGive.org

Attend a free class, like a cooking class at a local food store, a home repair class at a hardware store or a yoga class at a local community college.
Visit the library to check out magazines, books, DVDs and CDs for free.
Mingle with your neighbors; they can become not just your friends but also a valuable resource as a friendly pair of eyes on your property when you’re away or a helpful set of hands when you’re trying to complete a challenging task. Offer to help them as well.

12 Tactics to Become a Savvy Saver

Wed, 09 Dec 2009 19:34:48 -0600

Spend Smart:

Prevent unnecessary or poor-quality home and auto repairs by finding skilled, honest professionals from a trusted source. See my Business Directory
Evaluate your cell phone plan options(Check out TMobile right now!) regularly to make sure they match your needs; check to see if another plan would save you money. Also get rid of the excess channels on your cable package that you rarely watch; it’s cheaper to rent a movie once in a while.
Start shopping for airline tickets about four months before departure; look for trends and use technology like e-mail alerts to help you see when your destination has the cheapest airfare. Look at http://www.kayak.com
Use flexible spending accounts to pay certain medical, dental and child care expenses using pre-tax dollars; check with your HR department for more information.
Save on your insurance premiums by paying them annually or semi-annually instead of monthly or quarterly. Contact Maria Gonzales at American Family Insurance 206-353-8223 for a comprehensive review
Consider buying pre-owned; you can buy almost anything in a resale environment locally or online. Don't forget http://craigslist.com one man/womans junk....at price.

Spend Less:

Wait 30 days before buying anything you don’t absolutely need; chances are the urge to buy it will pass if you wait, and if not, you may find the item on sale.
Avoid temptation by opting out of catalogs or e-mail announcements from companies trying to sell you things you don’t really need.
Purchase birthday and holiday gifts throughout the year and keep them in a designated box or closet; making a list of everyone’s special occasion needs will make it easy to take advantage of sales.
Try frugal gift-giving, like giving the gift of spending time with someone, giving something you baked or made yourself or helping them out with a project; it doesn’t have to cost a lot to be a generous gift.
Create a sleeve for your credit card(s) with pictures of things you really care about to remind you of what you are saving for ... or the debt you’re paying off.
Exchange your books, DVDs, CDs, video games and other items with friends and family, or use an online service to swap or sell.

Great tips to FIGHT BACK and keep your money!

Wed, 09 Dec 2009 19:30:34 -0600

Research your purchases and know the true cost of ownership:

SHOP AROUND

The Internet is a great place to make sure you’re getting the best price, and there are a number of online sites you can use to search and compare services before you go to the store. If you decide to purchase something on the Internet, check several websites and make sure you deal with reputable merchants.

Some great sites include:

Consider reliability and warranties when comparison shopping. A high-quality product with a good warranty may be worth paying a little more for up front. Consumer guides can be worth the cost if it leads to the right decision, and back issues can be found at the library. Read the fine print before you buy. Look out for hidden fees, usage charges and costs for additional services. Always ask about refund and return policies.

Scrutinize special offers, promotions and bundled packages:

EXERCISE DUE DILIGENCE

Before you decide to purchase any kind of insurance, or phone, cable or Internet service, compare the bundled cost with the price for each service separately. Select the company that offers the best overall plan at the best rate. While bundle and bargain offers can promise significant discounts, carefully consider the purchase of additional merchandise or services. If you don’t really want or need the extras, it’s not a good deal. Often, special offers are temporary price reductions on a longer-term contract. Make sure you calculate the annual cost of each option for an accurate comparison.

Don’t be afraid to negotiate and ask for discounts:

NEGOTIATE THE BEST DEAL(I love to negotiate!)

Always ask for fees to be waived; sometimes they will be, but if you don’t ask, they definitely won’t be waived.(Can't get a no if you don' t ask!)

Here are effective negotiation tips:

Research prices and store policies, and bring evidence of better deals, such as Web printouts, flyers and ads.
Be patient and pleasant.
Ask a manager—the person helping you may not have the authority to offer a discount.
Be willing to walk. The most persuasive tactic you have is the ability to spend your money someplace else.
Call your service providers periodically and ask for a rate reduction; competition is high and the mention that you are shopping around is usually enough to get a vendor to compete for your business.

Come Home to the Cottages in the Issaquah Highlands, Issaquah, WA only $487,500

Wed, 09 Dec 2009 19:07:00 -0600

Dan Edwards | Northstone Real Estate, Inc. | dedwards@northstone.net | 206-818-8816

1942 14th Ct NE, Issaquah, WA

Come Home to the Cottages in the Issaquah Highlands

3BR/2.5BA Single Family House

offered at $487,500

Year Built	2000
Sq Footage	2,150
Bedrooms	3
Bathrooms	2 full, 1 partial
Floors	2
Parking	2 Car garage
Lot Size	3,780 sqft
HOA/Maint	$0 per month

DESCRIPTION

Located in a great neighborhood in the Cottages in the Issaquah Highlands, this house presents a great opportunity to own a home which is well cared for. Great floor plan with light and bright living and dining room, open kitchen to family room and den on the main floor. Upstairs has Main bathroom and 3 bedrooms including the spacious master suite with full bath. Do not miss the details in the home such as the harwood floors, crown molding, high grade interior paint, and upgraded blinds.

see additional photos below

PROPERTY FEATURES

- Fireplace	- Walk-in closet	- Hardwood floor
- Family room	- Living room	- Dining room
- Breakfast nook	- Dishwasher	- Refrigerator
- Stove/Oven	- Microwave	- Washer
- Dryer	- Laundry area - inside	- Balcony, Deck, or Patio
- Yard

ADDITIONAL PHOTOS

Front of Home

Contact info:

Dan Edwards

Northstone Real Estate, Inc.

dedwards@northstone.net

206-818-8816

For sale by agent/broker

Equal Opportunity Housing

Posted: Dec 7, 2009, 2:12pm PST

Choose to really live by experiencing life! Experiences Lead To Happiness

Wed, 09 Dec 2009 19:03:43 -0600

Studies have shown that experiences provide more long-lasting happiness than possessions. Try some of these free experiences to brighten your day:

Check out the community calendar on your town’s website or stop by city hall to find a list of events going on in the community, many of which are free.

Sammamish Community Site

Sammamish City Calendar

Find out if any local museums or zoos have any free public exhibits or if they offer free admission on certain days or free passes upon request.

Volunteer your time; there are countless volunteer opportunities out there that require nothing more than your time.

Check out SomethingToGive.org

Attend a free class, like a cooking class at a local food store, a home repair class at a hardware store or a yoga class at a local community college.
Visit the library to check out magazines, books, DVDs and CDs for free.
Mingle with your neighbors; they can become not just your friends but also a valuable resource as a friendly pair of eyes on your property when you’re away or a helpful set of hands when you’re trying to complete a challenging task. Offer to help them as well.

Quaint Rambler in Kirkland, WA Only $239,900

Wed, 09 Dec 2009 18:57:33 -0600

Dan Edwards | Northstone Real Estate, Inc. | dedwards@northstone.net | 206-818-8816

13231 129th Pl NE, Kirkland, WA

Quaint Rambler

4BR/1.5BA Single Family House

offered at $239,900

Year Built	1974
Sq Footage	1,180
Bedrooms	4
Bathrooms	1 full, 1 partial
Floors	1
Parking	1 Car garage
Lot Size	6,969 sqft
HOA/Maint	$0 per month

DESCRIPTION

Very neat 4 bedroom 1.5 bath rambler in a quite community. Fully fenced lot yard with lots of poentenial! One car garage and large Master Bedroom with sliding glass door to back patio. A little TLC will go a long way on this inexpensive Kirkland home!

see additional photos below

PROPERTY FEATURES

- Central heat	- Fireplace	- Living room
- Dishwasher	- Refrigerator	- Stove/Oven
- Washer	- Dryer

ADDITIONAL PHOTOS

Front of House

Contact info:

Dan Edwards

Northstone Real Estate, Inc.

dedwards@northstone.net

206-818-8816

For sale by agent/broker

Equal Opportunity Housing

Posted: Dec 7, 2009, 2:27pm PST

Wordless Wednesday: It's Cold in Sammamish! This could be a problem!

Wed, 09 Dec 2009 17:58:21 -0600

Short Sale v. Foreclosure which is worst? Foreclosure!

Wed, 09 Dec 2009 17:47:07 -0600

Many homeowners facing foreclosure are overwhelmed by the prospect of loosing there home. When it comes right down to it, it makes sense for a homeowner to exit the home on their terms. Enter in the Short Sale. In many cases when a homeowner cannot afford the home any more, the best alternative to foreclosure is short sale. Below is a explanation of the possible results or either a short sale or foreclosure.

Fannie Mae Mortgage Eligibility (Primary Residence):

homeowner who loses a home to foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years.
A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage after 2 years

Fannie Mae Mortgage Eligibility (Non-Primary Residence):

An Investor who allows a property to go to foreclosure is ineligible for a Fannie Mae backed investment mortgage for a period of 7 years
An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed investment mortgage after 2 years.

Future Loan with any Mortgage Company:

On any future loan application, a prospective borrower will have to answer YES to question C in Section VII of the standard 1003 that asks “Have you had property foreclosed upon or given title or deed in lieu thereof of the last 7 years?” This will affect future rates.
There is no similar declaration or question regarding a short sale.

Impact to Credit Score:

Score may be lowered anywhere from 250 to over 300 points due to a foreclosure. Typically will affect score for over 3 years.
Only late payments on mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points, if all other payments are being made. A short sale’s affect can be 12 to 18 months on an individual credit score.

Credit History:

Foreclosure will remain as a public record on a person’s credit history for 10 years or more.
Short sale is not reported on a credit history. There is no specific reporting item for “short sale.”

Security Clearances:

Foreclosure is the most challenging issue against a security clearance outside of a conviction of a serious misdemeanor or felony. If a client has a foreclosure and is a police officer, in the military, in the CIS, Security, or any other position that requires a security clearance will be revoked and position could be terminated.
Short Sale, on its own, does not challenge most security clearances.

Current Employment:

Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A foreclosure, in some cases, can be grounds for immediate reassignment or termination.
Short Sale is not reported on a credit report and is, therefore, not a challenge to employment.

Future Employment:

Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and in most cases, will challenge employment.
Short sale is not reported on a credit report and is therefore not a challenge to employment.

Deficiency Judgment:

In 100% of foreclosures (except in those states where there is no deficiency), the bank has the right to pursue a deficiency judgment.
In some successful short sales, it is possible to convince the lender to give up the right pursue deficiency judgment against the homeowner. In Wasingtion State the primary lender cannot pursue a deficiency judgement.

Deficiency Judgment (amount):

In a foreclosure, the home will have to go through an REO process if it does not sell at auction. In most cases, this will result in a lower sales price and longer time to sell in a declining market. This will result in higher possible deficiency judgment
In a properly managed short sale, the home is sold at a price that should be close to market value and, in almost all cases, will be better than an Foreclosure sale resulting in a lower deficiency.

Losing your home is always hard and if you are facing foreclosure contact Dan Edwards your local CDPE

New Standardized Good Faith Estimate Effective January 1 2010

Tue, 08 Dec 2009 22:36:28 -0600

If you ever get annoyed by the ads of lender promising something that you know is a bait and switch HUD is getting ready to release a simplified standardized version of the details of your real estate transaction. Loreena has broken this down perfectly.

Via Loreena Yeo - Broker|Realtor(R) of www.Frisco-TX-Homes.com (214) 783-2210 (3:16 team REALTY):

For the longest time, there was no standardization in good faith estimates presented by Lenders when a loan application is made by a borrower. In efforts to facilitate a better shopping experience for the consumers, HUD requires all lenders use the new standardized format for Good Faith Estimates effective January 1 2010.

At first glance, the standardized format of the Good Faith Estimate is easy to read, understand and digest by the average borrower.

The summary of the loan is displayed on the 1st page with answers about the loan such as:

(1) Can your interest rate rise? (Indicates if it is an adjustable rate mortgage)
(2) Even if you make payments on time, can the loan balance rise? (Indicates if it is a negative amortization loan)
(3) Even if you make payments on time, can your monthly amount rise? (Indicates if the account is escrowed or not)
(4) Does the loan have a pre-payment penalty?
(5) Does the loan have a balloon payment?

Lenders are held to a higher standard of accountability with the use of the standardized Good Faith Estimate. "Good faith" in the past will now be more of certainty, especially when it comes to the Lender charges. HUD requires that Lenders be sure to know how much they intend to charge their borrowers based on the information the borrowers provided.

The new Good Faith Estimate also utilize the Lump & Dump concept whereby HUD feels that the borrowers have been provided too much information in the previous good faith estimates. Items "A" on Page 2 of the GFE includes all origination charges. They are no longer broken down into Loan Origination Fee, Processing Fees, Tax Service Fee, Funding, Lender Feeds, Doc Prep Fees, Broker Yield Spread Premium, etc. Only information that could affect the loan is broken down into 2nd part of "A". According to HUD, the "bottom line" numbers is what the consumers care about.

This section of the Good Faith Estimate must be the same (ie. Zero Tolerance for differences) and borrowers can expect them to be the same on the HUD-1 settlement statement - if the terms and conditions of the loan are the same. Should there be a difference, HUD considers this Breached Tolerance and this breach will be cured with a credit at the closing table or writing a check to the borrower within 30 days of closing.

This brings Lenders to more accountability towards the accuracy of their good faith estimates to their clients. It is a good thing.

Other considerations could be expected should there be changed circumstances on these No Tolerance items above (ie. Lender charges). A changed circumstance may include acts of God, war, disaster, new information not known by the Lender, other information found not to be inaccurate.

There are other charges associated in purchasing the property. These items are found as part of "B" on page 2 of the GFE.

The similar lump & dump concept for Title charges in Section 3, 4, 5 and 6. These charges can deviate up to 10% on the HUD-1 statement - assuming that the borrowers services identified by the Lender. The total of these charges of page 2 on the GFE constitutes the "B" total.

Along with the "A" total and "B" total, these costs add up to make the Total Estimated Settlement/ Closing Costs. However, this is NOT to be confused with Cash Needed for Settlement. Items A and B DOES NOT account for Seller's concessions, property tax and HOA prorations, etc.

Page 3 of the Good Faith Estimate is also known as the "finishing touches" for the loan. It gives borrowers instructions on what cannot be increased at settlement, what may increase up to 10% and what could potentially subject to change.

There is also a tradeoff table for borrowers to see the various choices as provided by the same lender. Same loan with lower settlement charges or same loan with lower interest rates.

Last but not least, the GFE also provides a section to allow borrowers to compare various loan offers in the Shopping Chart section.

The use of the form is MANDATORY. In the past, lenders have created their own formats and some not providing one at all. The new rules as directed by RESPA must be furnished to borrowers:

Within 3 days of loan application.
A loan application is deemed taken by a lender with the borrowers' names, social security numbers, incomes, estimate purchase value, loan amount, other information deemed necessary by lender and property address.
This form must only be utilized if there is a specific property address.
While home buyers have used the GFE to shop for lenders, they could no longer do that. Without a property address, the industry believes that lenders will come up with "preliminary" GFEs without the actual property address.

Without 10 days of GFE issuance.
The GFE will be good for 10 days after the borrower receives it. The borrower MUST express an intent to proceed with the terms and conditions of the loan based on the GFE provided within 10 days business. After 10 business days, the lender is no longer bound by the issued GFE.

This is HUD's effort in facilitating consumer comparison shopping of Lenders. It is not the most perfect version out there but it is a much simpler method for an average consumer to understand. What this new GFE does not address is it does not specify the loan product (FHA, Conventional, VA, etc.) and it also does not inform the borrower the actual monthly payments in Principal, Interest, Property Taxes and Home Insurance (PITI). It only addresses the Principal, Interest and Mortgage Insurance (if applicable). The lender may furnish these information on other documents.

Download the new GFE here.

Related Articles:

How to Compare Lenders and Good Faith Estimates

Mortgage Interest Rates Spiked Higher Than Normal

100% Home Loans

Time Value of Money in Closing Costs

Myths about Tax Assessments vs. Property Values

*********************************************************************************************

All contents are original. Consider subscribing to my blog for more real estate commentaries.

Subscribe via Email if you are not an Active Rain member here.

Contact:

Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com

Check out my Frisco TX Homes website.
The premier greater Frisco TX Homes local informational center for your one-stop real estate needs.

Search MLS Listings with no registration required.
Home Value Request

Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.

Copyright © 2009 by Loreena Yeo (3:16 team REALTY)
Originally posted on New Standardized Good Faith Estimate Effective January 1 2010.

Bank Owned Homes Sales Report for Redmond WA - November 2009

Fri, 04 Dec 2009 14:35:55 -0600

Redmond WA Bank Owned homes stats for November 2009

Active: 17

Pending: 7

Sold: 2

Other: 0

Total: 26

	Bedrooms	Bath	Sqft	ListPrice	SoldPrice	DOM
Minimum	2	2.00	1,230	$159,000	$362,250	2
Average	4	2.48	2,507	$477,386	$423,625	55
Median	4	2.50	2,250	$417,900	$423,625	36
Maximum	5	3.50	3,813	$889,950	$485,000	317
Total Dollar Value					$847,250

Average DOM Breakdown and Average % of List Price received on Solds by Market time:

	0-30 Days	31-60 Days	61-90 Days	91-120 Days	120+ Days
No. of Listings	0	1	0	1	0
Breakdown %	0.00	50.00	0.00	50.00	0.00
Avg SP % LP	0.00	93.27	0.00	104.28	0.00

Some of the best deals in Real Estate are REO or Bank Owned Real Estate. Banks are in a hurry to sell a home and they intentionally price it 20% below the market. A Bank Owned home is property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure auctions do not even result in bids. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank. That is why the property ends up at a foreclosure or trustee sale.

Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs association with the foreclosure process. In order to bid at a foreclosure auction, you must have a cashier's check in your hand for the full amount of your bid. If you are the successful bidder, you receive the property in "as is" condition, which may include someone still living in the property. There may also be other liens against the property.

Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property "reverts" to the bank. It becomes an REO, or "real estate owned" property.

If your looking for a detailed list of REO(Bank owned real estate)properties, simply sign up to receive Redmond WA Bank Owned homes & property updates.

Bank Owned Homes Sales Report for Kirkland WA - November 2009

Fri, 04 Dec 2009 12:33:20 -0600

Kirkland WA Bank Owned homes stats for November 2009

Active: 16

Pending: 13

Sold: 8

Other: 0

Total: 37

	Bedrooms	Bath	Sqft	ListPrice	SalesPrice	DOM
Minimum	2	1.00	1,070	$260,370	$330,000	4
Average	4	2.94	3,052	$626,075	$645,738	63
Median	4	2.50	2,434	$457,900	$687,450	38
Maximum	6	7.00	9,930	$2,900,000	$850,000	365
Total Dollar Value					$5,165,900

Average DOM Breakdown and Average % of List Price received on Solds by Market time:

	0-30 Days	31-60 Days	61-90 Days	91-120 Days	120+ Days
No. of Listings	4	3	1	0	0
Breakdown %	50.00	37.50	12.50	0.00	0.00
Avg SP % LP	92.33	96.24	87.99	0.00	0.00

If your looking for a detailed list of REO(Bank owned real estate)properties, simply sign up to receive Kirkland WA Bank Owned homes & property updates.

Bank Owned Homes Sales Report for Bellevue WA - November 2009

Fri, 04 Dec 2009 12:03:18 -0600

Bellevue WA Bank Owned homes stats for November 2009

Active: 17

Pending: 13

Sold: 4

Other: 0

Total: 34

	Bedrooms	Bath	Sqft	ListPrice	SoldPrice	DOM
Minimum	3	1.00	700	$275,900	$357,000	2
Average	4	2.44	2,816	$600,500	$461,750	46
Median	4	2.50	2,580	$499,925	$455,500	28
Maximum	6	4.50	5,950	$1,405,800	$579,000	185
Total Dollar Value					$1,847,000

Average DOM Breakdown and Average % of List Price received on Solds by Market time:

	0-30 Days	31-60 Days	61-90 Days	91-120 Days	120+ Days
No. of Listings	3	1	0	0	0
Breakdown %	75.00	25.00	0.00	0.00	0.00
Avg SP % LP	103.86	102.02	0.00	0.00	0.00

If your looking for a detailed list of REO(Bank owned real estate)properties, simply sign up to receive Bellevue WA Bank Owned homes & property updates.

Bank Owned Homes Sales Report for Issaquah WA - November 2009

Fri, 04 Dec 2009 11:50:25 -0600

Issaquah WA Bank Owned homes stats for November 2009

Active: 10

Pending: 3

Sold: 2

Other: 0

Total: 15

	Bedrooms	Bath	Sqft	List Price	Price	DOM
Minimum	3	2.00	1,590	$324,900	$395,000	2
Average	4	3.03	3,551	$594,097	$447,475	29
Median	4	3.00	3,460	$614,999	$447,475	16
Maximum	6	4.25	6,900	$848,802	$499,950	85
Total Dollar Value					$894,950

Average DOM Breakdown and Average % of List Price received on Solds by Market time:

	0-30 Days	31-60 Days	61-90 Days	91-120 Days	120+ Days
No. of Listings	2	0	0	0	0
Breakdown %	100.00	0.00	0.00	0.00	0.00
Avg SP % LP	98.47	0.00	0.00	0.00	0.00

If your looking for a detailed list of REO(Bank owned real estate)properties, simply sign up to receive Issaquah WA Bank Owned homes & property updates.

Bank Owned Homes Sales Report for Sammamish WA - November 2009

Fri, 04 Dec 2009 11:35:17 -0600

Sammamish WA Bank Owned homes stats for November 2009

Active: 11

Pending: 3

Sold: 2

Other: 0

Total: 16

	Bed	Bath	Sqft	List Price	Price	DOM
Minimum	0	0.00	0	$357,000	$357,000	1
Average	4	2.70	3,022	$543,740	$400,000	46
Median	4	2.63	2,660	$464,828	$400,000	34
Maximum	5	3.75	5,320	$899,900	$443,000	104
Total Dollar Value					$800,000

Average DOM Breakdown and Average % of List Price received on Solds by Market time:

	0-30 Days	31-60 Days	61-90 Days	91-120 Days	120+ Days
No. of Listings	1	0	0	1	0
Breakdown %	50.00	0.00	0.00	50.00	0.00
Avg SP % LP	98.54	0.00	0.00	100.00	0.00

If your looking for a detailed list of REO(Bank owned real estate)properties, simply sign up to receive Sammamish WA Bank Owned homes & property updates.

Wordless Wednesday: A walk through Sammamish State Park

Wed, 02 Dec 2009 13:57:04 -0600

Be careful what you say...and be kind to the team players!

Tue, 01 Dec 2009 23:28:33 -0600

Remember what mom says, "If you don't have something nice to say, don't say it at all." Here is how a sellers agent opened mouth and had to insert foot.

Before I get to that, Hurray!! Today I had a closing for a very happy family!

For the next part of the story a bit of background is necessary. First and foremost I negotiated the snot out of the price for my clients. That the market we are in, I am aggressively negotiating for my buyers(sellers to, but it's a buyer’s market) In the closing days of this transaction the Mr. seller finds out that he is responsible for all assessments at closing so the $3,500 sewage capacity charge is his, he is not happy. The chandelier in the dining room was somehow miss-ordered and isn't set to be installed until next week. And the window seat cushions that were advertised by the listing agent as to be sold with the house are missing. The mirror in the guest bath has been replaced with a cheap knock off etc.

We have all been here before on both sides of a transaction like this. It turns into a, for lack of a better word a pissing match between the seller and the buyer and the agents sometimes take it personally. I for one understand that this stuff is par for the course and why we get paid the big bucks. I patiently work through this with the buyer, explaining what we get done. We get the cushions put back and clarify with the lighting company to get the new chandelier installed. My clients are very understanding and again very happy with the home they are getting.

As always coordinating the pickup of the keys, etc. is always different. Sometimes it's seamless and other times I find myself driving needlessly all over the place cause someone is just "too busy." to meet me half way. Either way my buyers are eager to get moving....literally. In Washington State the official time of transfer is 9PM on the day of close unless otherwise noted in the contract. Today we were given the green light as soon as recording numbers were in.

At about 1:30 we were released to record at the county and the seller agent had sent me a email earlier in the day stating that the keys and the packet were at the front counter for pickup. I happened to be in the neighborhood and stopped by. The gal at the front counter was very helpful but, No keys, no packet, no agent and no answer on cell phone... I had other things to do so I decided to come back later, no big deal just....bummer.

Not more than 10 minutes later, as I was making the 405 to I-90 exchange I received a call from the front counter. The seller’s agent was in and the packet was there.... shoot I guess I will turn around and head back. Ten minutes later and I am walking into the lobby of Unnamed Brokerage and a woman was handing a packet to the woman at the front desk and said, "...here is that packet for the cranky guy." I promptly said, "Hey I think that's for me." Boy was she embarased.

Honest, if you knew me, I am a pretty cheerfully optimist.... Perhaps I was irritated and it showed. Two lessons I learned from this. One be careful what you say it may come back to haunt you, two always treat those around you with kindness and respect, it's not their fault if someone else messed up.

Redmond WA Home Sales( Downtown and West Redmond Neighborhoods) zip code 98052

Mon, 30 Nov 2009 19:16:06 -0600

Redmond WA home sales are up slightly this week. We continue to demonstrate a nice up trend in general over the last several weeks. In the English Hill and Education Hill Neighborhoods we have seen relatively strong sales as home sales have been exceeding new inventory for several weeks.

As of 11/30/2009 here are the real estate home sales stats for the Redmond WA 98052 Neighborhoods in Redmond, Washington. The home sales listed here are from the last 7 days to give a better reflection of what is going on in the neighborhood during any given week.

Active: 216

Pending: 3

Sold: 14

Other: 1

Total: 234

	Bedrooms	Bathrooms	Square Feet	List Price	Selling Price	DOM
Minimum	1	1.00	710	$159,000	$400,000	0
Average	4	2.69	2,733	$691,161	$524,425	115
Median	4	2.50	2,593	$624,440	$492,500	73
Maximum	6	6.50	13,210	$4,280,000	$675,000	613
Total Dollar Value					$7,341,950

DOM Breakdown and Average % of List Price received on Solds by Market time:

	0-30 Days	31-60 Days	61-90 Days	91-120 Days	120+ Days
No. of Listings	3	1	5	2	3
Breakdown %	21.43	7.14	35.71	14.29	21.43
Avg SP % LP	97.94	95.91	94.33	95.97	96.44